Category: Economy and Markets
Sri Lanka to table IMF loan papers in parliament
July 31, 2009 (LBO) – Sri Lanka’s government will table in parliament all documents related to a 2.6 billion dollar loan from the International Monetary Fund, junior finance minister Ranjith Siyambalapitiya said.The government also intends to make savings on defence spending, which has sharply reduced after security forces defeated the Tamil Tiger separatists in May. […]
Sri Lankan stocks up 1.36-pct during week
July 31, 2009 (LBO) Sri Lankan shares closed up Friday on improved sentiment among small investors, while heavy trading on Janashakthi Insurance and Nations Trust Bank (NTB) boosted market volumes, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed up 0.55 percent (13.85 points) to end at 2,525.70, while the Milanka index of […]
Sri Lanka plans to raise US$500mn from foreign markets: report
July 31, 2009 (LBO) – Sri Lanka plans to raise 500 million dollars from foreign investors through a bond or syndicated loan, with an International Monetary Fund endorsement under its belt, a media report said. Sri Lanka is seeking to raise money overseas along with countries like the Philippines and Indonesia at a time the […]
Sri Lankan stocks close flat
July 30, 2009 (LBO) – Sri Lankan shares closed flat Thursday, as retailers took profits on blue chip counters, while Dialog shares continued to be heavily traded, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed down 0.01 percent (0.22 points) to end at 2,509.79 Thursday, while the Milanka index of liquid stocks […]
Sri Lanka promotes common telecom facilities in war-torn areas
July 30, 2009 (LBO) – Telecom firms racing to set up networks in Sri Lanka’s war-torn north and east, are being encouraged to share infrastructure under a new rebuilding plan, a top official said.The masterplan includes making it mandatory for at least three operators to share the cost of installing and running network towers, Telecommunications […]
Sri Lanka releases another IMF document
July 30, 2009 (LBO) – Sri Lanka has released the technical memorandum of understanding signed with the International Monetary Fund (IMF), days after the main economic policy agreement was released.A few decades ago many countries did not release IMF documents as governments were unwilling to defend policies in the documents. IMF programs are drawn up […]
Sri Lanka mission chief interviewed by IMF publication
July 30, 2009 (LBO) – An International Monetary Fund publication, the IMF Survey has published an interview with Brian Aitken, who led mission to Sri Lanka that resulted in a 2.6 billion US dollar loan to the island. The full interview is reproduced below: IMF Survey online: Why does Sri Lanka need an IMF-backed program? […]
Sri Lankan shares down 0.33-pct on profit taking
July 29, 2009 (LBO) – Sri Lankan stocks fell Wednesday as retail investors took profits, while there was heavy trading in Dialog Telekom for the fourth day running, brokers said.Brokers said 10.04 million Dialog Telekom shares changed hands Wednesday, while 1.64 million shares of Janashakthi Insurance and 1.12 million shares of Lanka Cement also changed […]
Sri Lanka bill yields fall
July 29, 2009 (LBO) – Sri Lanka’s Treasury bill yields fell across maturities with the 3-month yield falling 15 basis points to 10.64 percent, at Wednesday’s auction, the government’s debt office said. The 6-month yield fell 27 basis points to 11.46 percent and the 12-month yield fell 13 basis points to 11.97 percent. The government […]
Sri Lanka tobacco users generate more taxes, sales lower
July 29, 2009 (LBO) – Sri Lanka’s Ceylon Tobacco Company, which is the monopoly legal producer of cigarettes in the country, said profits grew in the June 2009 quarter, even as volumes fell and the government earned more revenue from taxes. The company, a British American Tobacco unit, said in a stock exchange filing that […]
Sri Lanka sees revenue improving with strong tax effort
July 28, 2009 (LBO) – Sri Lanka’s central bank said it expects government revenue collection to improve later this year, despite the downturn in the first few months, through better collection, a new Nation Building Tax and reduced tax holidays.The government is committed to increasing tax revenue by at least two percent of GDP by […]
Sri Lanka rupee may move if IMF forex reserve targets are not met
July 28, 2009 (LBO) – Sri Lanka’s tight peg with the US dollar, which is now backed by complementary monetary policy may move under an International Monetary Fund program if foreign reserve targets are not met, an official said. The 20-month IMF program is underpinned on a flexible exchange rate, and is based on specific […]